Declaring nixer income

vector

does a PAYE employee get some form automaticall on which to declare other income or must he be proactive and request some form from the revenue comms?

Carb

You have to do it yourself. Its the main principle of the self assessment system

Iceman78

Are you getting paid cash for your nixers?

Random

This is where you suggest he doesn't declare it Iceman78?

paulocon

Self-assessment.
Register yourself a business name (www.cro.ie EUR20)
Open a business account at your bank to keep all seperate.

Keep track of all expenses (travel, hotels etc)

Basically, you pay tax at your top rate on your profits. If you can, have an accountant help you with your first year's returns just to make sure all is in order and you are claiming all you should be.

vector

Thanks for the replies.

I haven't received any money yet, it will be cheques and "Electronic Funds Transfers" (or credit transfers as they used to be called)

forget the CRO I'm a Sole Trader trasing as my own name without any additions so a RBN isin't necessary, this question relates to the Revenue Comms.

Their webpage doesn't say much http://www.revenue.ie/services/ind_work6.htm

It'll only be about 1250 per annum (remember this is just for a real-life nixer)

It looks like I must complete a "Form TR1"
http://www.revenue.ie/services/bus_start1.htm

MG

vector wrote:

Thanks for the replies.

I haven't received any money yet, it will be cheques and "Electronic Funds Transfers" (or credit transfers as they used to be called)

forget the CRO I'm a Sole Trader trasing as my own name without any additions so a RBN isin't necessary, this question relates to the Revenue Comms.

Their webpage doesn't say much http://www.revenue.ie/services/ind_work6.htm

It'll only be about 1250 per annum (remember this is just for a real-life nixer)

It looks like I must complete a "Form TR1"
http://www.revenue.ie/services/bus_start1.htm

Don't think all that is necessary. My wife had some additional nixer income and we just included it on our normal Annual return (form 11, I think). We are PAYe taxpayes but this is a really useful form to fill out where you can claim bin allowances etc too. I do it every year and normally get back a couple of hundred euro that I wouln't otherwise get. You often hear it discussed on the radio, taxpayers not claiming their entitlements, that sort of thing. All you need to fill it out are your P60, bin charges invoices and anything else you want to claim.

Anyway, there is a box on the form 11 "other income" and "description". That might cover this situation. They'll adjust your tax and send you a demand if you owe something. I'd recommend everyone fill out this form.

Just one other thing, best to keep some record of your income in the unlikely evernt that they audit such a small amount.

The best thing you can do is actually ring the tax office, they are usually very helpful.

MG

Actually come to think of it, it may have been a form 12.

shoegirl

Keep the receipts and make an annual return on form 12.
As long as you don't have to charge VAT then its simpler to just do that.

Alternatively if its a regular thing they can reduce the tax credit to your main job which is handier in ways as you don't end up with a bill at the end of the year.